Buyer Demand Surges in October

VANCOUVER, BC – November 4, 2024 – After months of tracking approximately twenty percent below the ten-year seasonal average, Metro Vancouver home sales surged more than 30 percent year-over-year in October.

The Greater Vancouver REALTORS® (GVR) reports that residential sales registered on the Multiple Listing Service® (MLS®) in the region totaled 2,632 in October 2024, a 31.9 percent increase from the 1,996 sales recorded in October 2023. This was 5.5 percent below the 10-year seasonal average (2,784).

“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Andrew…

494 Views, 0 Comments

Read Full Post

Vancouver recently took a landmark step in re-envisioning how the city's rich and varied heritage is recognized and preserved. The Vancouver Heritage Register (VHR), a vital record of the city's cultural and historical assets, has been upgraded to better reflect the depth and diversity of Vancouver's cultural landscape. This modernization aims to honor Indigenous histories, recognize intangible cultural elements, and provide clearer guidance for property owners, developers, and the public. The upgrade is part of a broader vision of reconciliation and inclusivity, essential for a city as multicultural as Vancouver.

Why Update the Vancouver Heritage Register?

The VHR has traditionally focused on physical, often Eurocentric, elements of Vancouver’s…

240 Views, 0 Comments

Read Full Post

More Good News On The Canadian Inflation Front

The Consumer Price Index (CPI) rose 1.6% year over year in September, the slowest pace since February 2021 and down from a 2.0% gain in August 2024. The main contributor to headline deceleration was lower year-over-year gasoline prices in September (-10.7%) compared with August (-5.1%). The all-items CPI, excluding gasoline, rose 2.2% in September, matching the increase in August for this measure.

Although the rate at which prices increase has slowed, price levels remain elevated. Compared with September 2021, the CPI rose 12.7% in September. Canadians continue to feel the impact of higher price levels for day-to-day basics such as rent (+21.0%) and food purchased from stores (+20.7%), which increased…

309 Views, 0 Comments

Read Full Post

Following the Bank of Canada’s third interest rate cut of the year, national home sales increased slightly in September compared to August. This follows a similar pattern of gains recorded in the months following the first two rate cuts.

Home sales recorded over Canadian MLS® Systems climbed 1.9% month-over-month in September 2024, reaching their highest level since July 2023. The Greater Toronto Area, Hamilton-Burlington, Montreal and Quebec City, Greater Vancouver, and Victoria led the national increase.

“Sales gains are now three for three in the months following interest rate cuts, which is a trend even though the increases weren’t headline-grabbing,” said Shaun Cathcart, CREA’s Senior Economist. “That said, with the pace of rate cuts now…

296 Views, 0 Comments

Read Full Post

Statistics Canada released September employment data today, showing a marked uptick in job growth and the first decline in the unemployment rate this year. Employment rose by 46,700 in September, following four months of little change.

Despite the employment gain, the employment rate—the proportion of the population aged 15 and older who is employed—fell 0.1 percentage points to 60.7% in September. The employment rate has been on a downward trend since reaching a recent peak of 62.4% in January and February 2023, as growth in the population aged 15 and older in the Labour Force Survey (LFS) outpaced employment growth.

Good news: The number of private sector employees increased for the second consecutive month, rising by 61,000 (+0.5%) in September…

287 Views, 0 Comments

Read Full Post

Canadian prices, as measured by the Consumer Price Index (CPI), rose 1.6 per cent on a year-over-year basis in September, down from a 2.0 per cent increase in August. This marks the slowest year-over-year increase since February 2021. Month-over-month, on a seasonally adjusted basis, CPI was unchanged in September.

The deceleration in headline CPI was driven by a 10.7 per cent decrease in gasoline prices in September. This drop is largely attributed to lower crude oil prices due to pessimistic outlooks on economic growth, coupled with lower costs associated with switching to winter blends. Excluding gasoline, the CPI rose 2.2 per cent in September, matching August's increase.

Mortgage interest costs were up 16.7 per cent, and rent was up 8.2 per…

210 Views, 0 Comments

Read Full Post

Sluggish Sales and Rising Inventories See Fraser Valley Moving Toward a Buyer’s Market

SURREY, BC – With active inventories hitting levels not seen in 10 years and sales 30 per cent below the 10-year average, Fraser Valley real estate is building towards a buyer’s market if sales continue to lag.

The Fraser Valley Real Estate Board recorded 982 sales in September, down by eight per cent over August and by more than 10 per cent over September 2023. Again, seasonally adjusted sales were the second slowest in a decade in the Fraser Valley.

“With three rate cuts already and more expected before the end of the year, buyers are watching the market closely to time their purchasing decisions,” said Jeff Chadha, Chair of the Fraser Valley Real Estate…

436 Views, 0 Comments

Read Full Post

VANCOUVER, BC – October 2, 2024 – Home sales registered on the MLS® in Metro Vancouver declined 3.8 per cent year over year in September, suggesting that recent reductions in borrowing costs are having a limited effect in spurring demand so far.

Greater Vancouver REALTORS® (GVR) reports that residential sales in the region totaled 1,852 in September 2024, a 3.8 per cent decrease from the 1,926 sales recorded in September 2023. This figure is 26 per cent below the 10-year seasonal average of 2,502 sales.

“Real estate watchers have been monitoring the data for signs of renewed strength in demand in response to recent mortgage rate reductions, but the September figures don’t offer the signal that many are watching for,” Andrew Lis, GVR’s director of…

386 Views, 0 Comments

Read Full Post

The Canadian government recently announced significant changes to mortgage rules, aimed at increasing homeownership accessibility. While these changes are expected to spark greater demand among potential homebuyers, experts caution that supply challenges continue to plague Canada’s housing market.

Overview of Ottawa’s Mortgage Rule Changes

In an effort to address the growing housing crisis, Ottawa introduced mortgage rule changes set to take effect in December. These reforms include raising the price cap for insured mortgages and expanding 30-year mortgage amortization options. These are the first major mortgage reforms in over a decade.

Higher Price Cap for Insured Mortgages

One of the central features of the new mortgage rules is the…

252 Views, 0 Comments

Read Full Post

After years of skyrocketing prices and intense bidding wars, the Canadian real estate market is finally cooling off in 2024. This year marks a shift towards a more balanced market, where neither buyers nor sellers have the upper hand. For both seasoned investors and first-time homebuyers, understanding this shift is essential for navigating the current real estate landscape.

What is a Balanced Market?

A balanced real estate market is one where the supply of homes for sale meets the demand of buyers. In other words, no party has a distinct advantage. In contrast to a seller's market, where buyers are forced into bidding wars, or a buyer’s market, where homes sit on the market for months, a balanced market is more stable and predictable.

…

384 Views, 0 Comments

Read Full Post